Home prices rose in April despite record unemployment
Home prices rose in April despite record unemployment and widespread shut downs, according to the S&P CoreLogic Case-Shiller Index.
The index showed that home prices rose 4.7% in April from the year before.
"While the U.S. economy entered a recession during this period, the housing market continued to show signs of stability," said George Ratiu, senior economist for the real estate listing website realtor.com, in an emailed statement.
Prices have been buoyed by the number of buyers drawn into the market by historically low mortgage rates and the scarcity of homes on the market, as many homeowners put off selling their homes.
"With rising demand and shrinking supply, asking prices are accelerating, putting increased pressure on younger and first-time buyers," Ratiu said. "Without a replenishing supply of new and existing homes, the summer home-buying season will be short and frustrating for many buyers."